Tax Matters - The Top Tax Defenders Blog

Business owners typically hope to yield more profits than losses each year. When they do lose more money than they gain, they incur what is known as a net operating loss, or NOL. NOLs can have different tax implications for business owners because the IRS typically will refund some or all of the losses. It is important that they understand how to determine any NOLs their businesses sustained and what to do with these losses after they file taxes.

The IRS allows cash-strapped taxpayers several different options to resolve their back taxes. They can either make an Offer in Compromise, or OIC, or they can request that their accounts be put in a Currently Not Collectible, or CNC, status. You can determine which of these options is best for your own delinquent tax situation by learning the basics of both choices.

Scammers and hackers are always on the lookout for the perfect opportunity to steal people's private information. As people rush to file taxes and cash in on substantial refunds they are often unaware that they leave themselves open to scams that could jeopardize their identities and their tax returns.

It is perfectly legal to keep money in an overseas bank account. In fact, many Americans do simply because they work and live abroad.

While it is legal to open and maintain international bank accounts, it is illegal to avoid reporting this money to the IRS. You can obey current U.S. tax laws and still keep your overseas accounts by keeping in mind these tips about reporting this money to the IRS.

The IRS collects more than $2 trillion in tax revenue each year. Despite this massive sum of money, the IRS will at some point notice if you do not report your own income to the government.

Nobody wants to think about taxes during the holiday season. Still, one of the best New Year's resolutions you can make is to take some critical tax moves now that will pay off come April 2020.  

When you owe multiple creditors, you may find it difficult to keep up on payments and get your accounts paid off in full. Despite your best efforts to pay, your creditors may choose to garnish your wages.

Many taxpayers would never entertain the idea of going up against the IRS alone. They know that in most cases they would never win such an uphill battle to resolve their tax debt.

Having an IRS tax lien on your credit record can be devastating. Because it can stay on your record up to seven years after you pay off or settle the amount, you may have a difficult time getting financed for loans, credit cards, and other financing.